Moody’s chief economist says housing correction — but not crash — is on the way

Much higher mortgage rates will lead to lower housing prices in “juiced” markets such as Phoenix and Tucson in Arizona, the Carolinas, northeast Florida, and Boise, Idaho, but won’t end up crashing prices overall, a top economist predicted this week. Bloomberg is reporting that Mark Zandi, chief economist at Moody’s, made the prognosis during a housing policy summit in Washington, D.C. where he said a lack of mortgage defaults and distressed sales would keep prices